Former Arsenal striker Thierry Henry, who scored 175 goals for the club, claimed this week Sanchez had been the Gunners’ “best signing in the last six years”.
Wenger does not disagree but believes Sanchez has competition from Laurent Koscielny when it comes to value for money.
Sanchez has enjoyed a stunning start to his Gunners career, scoring 18 goals in all competitions since joining for around ??35m from Barcelona in the summer.
The Chilean has started all but two of Arsenal’s league games this season, and Wenger reckons Sanchez’s excellent start to life in England is due to his attitude and versatility.
“He is one of the faster adaptors to the Premier League I’ve seen,” Wenger said.
“I believe it’s because he feels well accepted by the other players. He feels he is an important player in the squad.
“Sanchez is a player who can play through the middle but in a different way to (Olivier) Giroud because of his mobility.
“He has two major assets – the quality of his game and the quality of his receptions. He gets into areas where you can find him.
“When he gets the ball deep he can run at people but he can play further forward as well because of the timing of his runs.”
Wenger made a point however that Koscielny is also worthy of consideration when it comes to his best signings of recent years.
“It is difficult to compare Laurent Koscielny with Sanchez,” Wenger said.
“Maybe Sanchez is one of our better signings, but then do you consider the price you pay as well?
“We paid good money for him. Is he value for money? Of course.”